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rrampras 91.4K Views
Nov 3, 2022 5:40 PM

Upgrade Premier Savings Accounts:

3.5% APY

($1,000 Minimum Deposit)
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Deal Details
Upgrade is offering 3.5% APY when you open a Premier Savings Account with minimum $1,000 deposit.

Thanks to Community Member rrampras for posting this deal.

Editor's Notes

Written by StrawMan86 | Staff
  • About this deal:
    • Rates are subject to change.
    • No monthly account fees or transfer fees
    • Online transfers to and from other banks
      • Same-day transfers of $100,000 or less to / from other banks
    • FDIC insured up to $250,000 through Cross River Bank, Member FDIC
  • About Upgrade:
    • For more info about Upgrade, click here.
  • Please refer to the forum thread for additional details & discussion. -StrawMan86

Original Post

Written by rrampras
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
Upgrade is offering 3.5% APY when you open a Premier Savings Account with minimum $1,000 deposit.

Thanks to Community Member rrampras for posting this deal.

Editor's Notes

Written by StrawMan86 | Staff
  • About this deal:
    • Rates are subject to change.
    • No monthly account fees or transfer fees
    • Online transfers to and from other banks
      • Same-day transfers of $100,000 or less to / from other banks
    • FDIC insured up to $250,000 through Cross River Bank, Member FDIC
  • About Upgrade:
    • For more info about Upgrade, click here.
  • Please refer to the forum thread for additional details & discussion. -StrawMan86

Original Post

Written by rrampras

Community Voting

Deal Score
+60
Good Deal
Visit Retailer

Top Comments

ImaPuppy
2.9KComments
3KReputation
Unfortunately that's not how it works. Savings account rates (and other interest-bearing products) are based on various dated bond yields as well as interest rates they charge clients for loan products (which are correlated). These don't magically change based on what the Fed does, but on what they're expected to do. The 75bps rate hike was already priced into bond yields (taking yield curve flattening aside). What wasn't priced in, and why savings rates are higher now than they were, say, a year or two ago, is precisely the divergence from expectation at that time: The Fed guidance indicated fewer hikes of less amounts (0-25bps) and have exceeded that..but that was only really known over the last few months as they consistently shift guidance, or the "target rate" via a dot plot.

The point I'm making is, if the Fed meets expectations (currently 50bps-50bps-25bps-pause) over the next 4 meetings, the rates will theoretically stay where they are.

To use a real-world example, it's the same reason why mortgage rates have been rising gradually and why they didn't suddenly rise 75bps yesterday or today upon the Fed hike announcement. It's because it was already priced in.

Edit: Note, I'm leaving quite a bit of nuance and detail out of this and am not picking on you in particular. I just see quite a bit of misunderstanding about how consumer interest rate products react to Fed overnight rate hikes and when.

Source: Work in finance
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James Mason
407Comments
63Reputation
Just wait a little bit. The Feds raised the rate yesterday, These CD, savings, etc. rates will go up.
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badger1440
408Comments
141Reputation
Discover just went up to 2.75% and still time to grab off up to $450 bonus
Go to Comment

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351 Comments

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Nov 3, 2022 8:24 PM
1.1K Comments
Joined Jul 2018
Rocket_USNov 3, 2022 8:24 PM
1.1K Comments
Quote from badger1440 View quoted comment :
Discover just went up to 2.75% and still time to grab off up to $450 bonus
Whats that 450?
Nov 3, 2022 8:26 PM
2.3K Comments
Joined Nov 2014
TurtlePerson2Nov 3, 2022 8:26 PM
2.3K Comments
Quote from blahbooboo2 View quoted comment :
Also, investopedia says "The interest income from T-bills is exempt from state and local income taxes. However, the interest income is subject to federal income tax. "
I think that's what I said. Any treasury bill/note/bond interest is going to be exempt from state and local taxes. That's not a big deal in Texas (no state tax), but it matters where I live in Colorado.

Also, several US Agency bonds receive similar treatment (e.g. farm credit bonds). And of course, municipal bonds are generally free of federal tax, which can be a big deal if you're a high earner, as bond income can be taxed >40% (37% bracket + 3.8% Obamacare Tax/NIIT). So a 3% California municipal bond yield could feel like ~6% if you're a rich person in California.

I think it goes without saying, but you should do your own research and perhaps consult with a professional before making financial decisions. I'm trying to be helpful with what I know, but I'm not a professional and I might be wrong.
Nov 3, 2022 8:33 PM
95 Comments
Joined Oct 2006
sean_njNov 3, 2022 8:33 PM
95 Comments
Capitalone 360 PERFORMANCE SAVINGS rate is 3% starting Oct 30 and offers up to $1000 bonus using code FALL22 (https://www.capitalone.com/bank/fall22/).

Best,

Sean
Nov 3, 2022 8:36 PM
2.5K Comments
Joined Jan 2019
blahbooboo2Nov 3, 2022 8:36 PM
2.5K Comments
Quote from TurtlePerson2 View quoted comment :
There's no guarantee of the rate, but it's not going to be a huge surprise. Again, I find it's a lot easier to just buy treasuries on the secondary market. If you want a set-it-and-forget-it approach, then there might be some ways to do that, but I'm not aware of it. To an extent that's really just what ETFs like SGOV and BILS are doing.
Thank you so much!

Last question, the secondary market guarantees you get the YTM at which you bought it, but if you go auction you dont know what the YTM until the auction date?
Nov 3, 2022 8:41 PM
2K Comments
Joined Oct 2006
hpdwNov 3, 2022 8:41 PM
2K Comments
Quote from iBoo View quoted comment :
Only up to $1000 for 3.5%. How about a bank with no cap offering 3%?
Salem Five bank. cap at $1 million.

https://www.salemfivedirect.com/#eonesavings

The higher APY sometimes doesn't automatically apply to the existing accounts when it increase the APY for new account but a quick online chat with CSR usually will take care of it.
Last edited by hpdw November 3, 2022 at 01:47 PM.
Nov 3, 2022 8:43 PM
317 Comments
Joined Apr 2011
JowisoNov 3, 2022 8:43 PM
317 Comments
Quote from badger1440 View quoted comment :
Discover just went up to 2.75% and still time to grab off up to $450 bonus
What's the details on the $450 bonus?
Nov 3, 2022 8:45 PM
49 Comments
Joined Jan 2015
djbreitboy234Nov 3, 2022 8:45 PM
49 Comments
I just signed up for SoFi. 3.0% on savings, 2.5% on checking, and $300 signup bonus. Having all of my money in one bank with interest rates this high (especially in checking!) was worth the hassle.

Sign up for a Slickdeals account to remove this ad.

Nov 3, 2022 8:46 PM
4.9K Comments
Joined Jan 2007
geoffkinNov 3, 2022 8:46 PM
4.9K Comments
Quote from sean_nj View quoted comment :
Capitalone 360 PERFORMANCE SAVINGS rate is 3% starting Oct 30 and offers up to $1000 bonus using code FALL22 (https://www.capitalone.com/bank/fall22/).

Best,

Sean
Do you know if this is for new customers only or if new money will work? We have an account there already, but no money in it right now...
Nov 3, 2022 8:49 PM
2.3K Comments
Joined Nov 2014
TurtlePerson2Nov 3, 2022 8:49 PM
2.3K Comments
Quote from blahbooboo2 View quoted comment :
Thank you so much!

Last question, the secondary market guarantees you get the YTM at which you bought it, but if you go auction you dont know what the YTM until the auction date?
Yes. When you buy in the secondary market, you'll do so as a limit order and will know the YTM when you buy. You won't know your YTM at auction until the auction actually occurs.
Nov 3, 2022 8:59 PM
3K Comments
Joined Nov 2011
DealsByLeesNov 3, 2022 8:59 PM
3K Comments
Quote from Joedaddy123 View quoted comment :
SOFI's latest promo (which ended) has a reward date of 11/30. It's going to be wild which bank is willing to offer the best transfer/interest offer at that time.

The suspense is killing me!
Here is the next play below below. I am worried I will not get the 1K from Sofi because they are trying to claim you had to get to email. Will find out by 12/14 if I get the points. I did at least get the $300 bonus for opening and killer interest.

Quote from sean_nj View quoted comment :
Capitalone 360 PERFORMANCE SAVINGS rate is 3% starting Oct 30 and offers up to $1000 bonus using code FALL22 (https://www.capitalone.com/bank/fall22/).

Best,

Sean
Thanks. Will probably move my Sofi money into this next.
Nov 3, 2022 9:00 PM
2K Comments
Joined Oct 2006
hpdwNov 3, 2022 9:00 PM
2K Comments
Quote from djbreitboy234 View quoted comment :
... SoFi. 3.0% on savings, 2.5% on checking...
Direct deposit required to get 3.0% and 2.5%. You get only 1.2% if you don't have direct deposit with them.
Nov 3, 2022 9:05 PM
9K Comments
Joined May 2007
diavolo33Nov 3, 2022 9:05 PM
9K Comments
Quote from holysocks View quoted comment :
if you're poor and have less than ~$10k, Tmobile money offers 4% on the first $3000 and 2.25% on the rest

4%, if you meet the monthly transaction quota. Just noting in case someone reading doesn't want to jump through hoops.
Nov 3, 2022 9:29 PM
27 Comments
Joined Jan 2018
RickK5000Nov 3, 2022 9:29 PM
27 Comments
Quote from Jowiso View quoted comment :
What's the details on the $450 bonus?
Offer code BONUS1022E when depositing at least $35,000
Nov 3, 2022 9:58 PM
813 Comments
Joined Nov 2010
Spurts06_juneNov 3, 2022 9:58 PM
813 Comments
Quote from djbreitboy234 View quoted comment :
I just signed up for SoFi. 3.0% on savings, 2.5% on checking, and $300 signup bonus. Having all of my money in one bank with interest rates this high (especially in checking!) was worth the hassle.
Just closed all my SoFi accounts. As long as you don't have a fraud issue or deal with their lackluster CS, you will be ok.

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Nov 3, 2022 9:59 PM
813 Comments
Joined Nov 2010
Spurts06_juneNov 3, 2022 9:59 PM
813 Comments
Quote from geoffkin View quoted comment :
Do you know if this is for new customers only or if new money will work? We have an account there already, but no money in it right now...
New customer only. I have a couple of closed accounts there (around 6 months) and wasn't able to use the promo code.
1

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